Because the excludable portion of CTI is treated as non-effectively connected income, the Notice could be interpreted as requiring the deferral of a related supplier's FSC commission deduction until the year in which the commission is paid.

Richard Sullivan, CityTalk Chairman and CEO, added: "The experience of the CTI team in executing acquisitions, growing operations, building networks and accessing the capital markets should coalesce to provide exciting growth opportunities for both Semotus and CTI shareholders.

As contact centers become increasingly distributed and begin to leverage the benefits of hosted VoIP services, CTI Group's SmartRecord IP will help them drive efficiency, automation and distributed workforce management into their communications infrastructure.

Stephen Merrick, Chief Financial Officer of CTI commented on the equity financing, "We are pleased to have been able to structure such a sizable financing package with a reputable financial institution like Cornell Capital and to have its participation as well as confidence in our company and products in this important stage of our company.

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